Vice President and Chief Compliance Officer

Vice President and Chief Compliance OfficerThursday, January 16, 2025WHO WE AREHomeEquity Bank is a Schedule 1 Canadian chartered bank and the leading national provider of reverse mortgages, with a growing portfolio.
As the only bank solely dedicated to serving homeowners 55 and up, we're passionate about helping Canadian homeowners live retirement on their terms.
We live that commitment every day, witha range of reverse mortgage solutions that include our flagship CHIP Reverse Mortgage product.
OUR VALUES, OUR PASSIONAt HomeEquity Bank, our values drive and inspire our actions with our customers, our partners and each other.
Courage to Act.
Do the Right ThingOne Team.
One VisionThink Long-Term.
Ever-EvolvingPOSITION SUMMARYThe role is responsible for overall leadership and direction of the compliance programs at HomeEquity Bank, overseeing managing the bank's Regulatory Compliance Management (RCM) Framework and ensuring that the bank adheres to all relevant legal and regulatory requirements.
The Vice President, Chief Compliance Officer will take a risk-based approach to regulatory compliance risk management by ensuring the bank maintains an effective compliance risk management and internal controls program, including independent monitoring and testing of key regulatory compliance controls.
This provides reasonable assurance to senior management and the Board of Directors of the effectiveness of the compliance program.
The role also serves as the Chief Anti-Money Laundering Officer (CAMLO), ensuring a comprehensive program for complying with all applicable AML regulations and the Chief Privacy Officer, managing an appropriate privacy program for ensuring compliance with associated regulations.
MAJOR ELEMENTS OF THE ROLEKey accountabilities of this position include:
Ensure the Regulatory Compliance Management (RCM) Framework is designed and implemented in a manner which ensures regulatory compliance risk is adequately managed.
Assess the adequacy and effectiveness of the bank's regulatory compliance controls and providing an independent opinion to senior management and the Board of Directors based on the independent monitoring and testing performed.
Report material information from RCM Assessment and independent monitoring and testing, including reporting on compliance issues and emerging risks.
Work with multiple internal stakeholders across the Business Lines and Corporate Functions to help foster an appropriate risk culture with respect to Compliance Risk Management.
This includes periodic meetings with key Executives for information sharing and pro-active discussion of key compliance matters.
Manage a team of Compliance professionals with the skills and experience required to enable an effective 2nd line of defense programMaintain policies and procedures to reasonably ensure compliance with applicable regulatory requirements.
Key regulators for this role include the FCAC, FINTRAC and OSFI.
Develop an appropriate Compliance Risk Appetite and KPI's and KRI's as part of the Bank's Enterprise Risk Management Framework.
Regularly assess the inherent compliance risk of business units as well as the effectiveness of mitigating controls in order to minimize the residual risk of reputational damage and regulatory consequences.
Build the compliance risk assessment methodologies in line with industry practice and evolving regulatory expectations.
Communicate new regulatory requirements to impacted business and control functions and work collaboratively to ensure compliance including in projects launched for material changes or new regulations.
Coordinate compliance regulatory examinations and participate in the coordination of responses to these examinations.
Provide thought leadership and subject matter expertise for compliance issues including evaluating Compliance risk for new initiatives and projects.
Provide regular training to staff and specialized role-based training, as needed to address regulatory compliance requirements and issues.
Provide reporting and updates, at least semi-annually, to the Board or its Committees, the CEO and Senior Management an opinion on the state of the Bank's regulatory compliance; this includes compliance issues, progress towards remediation of identified gaps, the adequacy of resources directed toward regulatory compliance risk management across the Bank, and any material information derived from independent monitoring and testing to assist the Board oversee the RCM Framework.
Provide periodic impactful risk reports to the Chief Risk Officer and at the Regulatory Risk Management Committees with respect to material regulatory issues, changes and risk profile.
Act as the key liaison and build relationships with applicable regulators in Canada for ensuring robust two-way communication on key regulatory themes and the risk profile.
In addition to the overall accountabilities, the following are specific accountabilities in the role as CAMLO and CPO.
Chief Anti-Money Laundering Officer (CAMLO)Provide updates to CRRMC on the effectiveness of the Bank's AML/ATF Framework.
Promote money laundering and terrorist financing risk awareness throughout the Bank and ensure that appropriate training is provided to Bank staff.
Conduct the AML/ATF risk assessments, enhanced due diligence and sanctions monitoring activities as well as other operational activities documented within the Bank's AML policies to fulfill regulatory requirements.
Make and recommend policy, procedure and control enhancements as required to address emerging risks and regulatory changes.
Produce and submit regulatory reporting as required.
Chief Privacy Officer ( CPO )Implement, monitor, assess and maintain an effective Privacy program.
Provide periodic reporting to ORMC and CRMMC on the effectiveness of the Bank's Privacy program.
Promote privacy risk awareness throughout the Bank and ensure that appropriate training is provided to Bank staff.
SKILLS AND EXPERIENCE REQUIREDProgressive experience working in Senior Compliance leadership roles.
In-depth knowledge of the Canadian regulatory system in general, and specifically knowledge of FCAC, OSFI and FINTRAC laws and regulations as applicable to HEB.
This knowledge is needed in order to service internal clients' needs and to respond to regulatory demands.
This includes the ability to devise win-win solutions for complex businesses against the evolving regulatory landscape.
Prior experience working with Consumer Protection Framework and prudential regulations would be a significant asset.
Experience in developing and implementing business or entity wide compliance programs, policies and procedures.
Ability to effectively build and manage a team of compliance staff.
Judgment in handling complex and highly confidential matters with integrity and professionalism.
Capability to drive consensus and, where appropriate, to take a firm position even in the absence of broad-based support.
Understanding of industry leading Compliance risk management processes and evolving regulatory expectations through experience working in financial institutions / regulators.
Excellent communication skills, leadership and relationship-building skills with Senior Management to manage regulators, compliance officers and internal stakeholders.
This includes a proven ability to develop consensus in dynamic environm.